Massachusetts › Construction › 500 to 999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
International Union of Operating Engineers Local 877 Annuity Fund
Sponsored by BD of Trustees I.U.O.E. Local 877 Annuity Fund, Quincy, MA
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
In the plan year ending 31 Dec 2024, International Union of Operating Engineers Local 877 Annuity Fund covered 507 participants and held $29.3M in net assets. The plan is a 401(k) plan sponsored by BD of Trustees I.U.O.E. Local 877 Annuity Fund of Quincy, Massachusetts. It is a multiemployer plan, maintained under collective bargaining agreements with more than one employer.
Net assets came to $57,782 per participant, above the $46,267 median for defined contribution plans with 500 to 999 participants and above the $54,962 median for defined contribution plans in construction. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
The employer contributed $1.1M during the year, or $2,427 per active participant against a same-size median of $1,934; participants contributed $888K and $297K arrived as rollovers and other contributions. Benefits paid out totalled $2.3M.
Schedule C lists 6 service provider organisations paid $5,000 or more, with reported compensation of $225K: $444 per participant, well above the same-size median of $113. Administrative expenses charged to the plan were $218K. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
Across the filings on record, net assets went from $6.5M in 2009 to $29.3M in 2024 (up 351%), and participants from 294 to 507 (up 72%).
The independent accountant's opinion on the financial statements was unmodified (unqualified).
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $57,782 | $46,267 | $54,962 | $53,102 |
| Employer contributions per active participant | $2,427 | $1,934 | $2,728 | $2,175 |
| Schedule C compensation per participant | $444 | $113 | $162 | $123 |
| Schedule C compensation, share of net assets | 0.77% | 0.25% | 0.33% | 0.26% |
| Administrative expenses per participant | $430 | $109 | $166 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 500 to 999 participants (10,588 plans), construction (4,204) and all US plans (63,460). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2024 | 507 | $29.3M | $57,781 | $1.1M | $888K | $225K |
| 2023 | 494 | $26.3M | $53,249 | $1.2M | $640K | $145K |
| 2022 | 717 | $23.8M | $33,206 | $1.3M | $560K | $147K |
| 2021 | 687 | $28.7M | $41,718 | $1.4M | $552K | $174K |
| 2020 | 464 | $25.1M | $54,116 | $1.4M | $437K | $84K |
| 2019 | 454 | $22.8M | $50,126 | $1.4M | $375K | $66K |
| 2018 | 406 | $17.3M | $42,549 | $1.3M | $190K | $79K |
| 2017 | 383 | $17.8M | $46,587 | $1.3M | $130K | $73K |
| 2016 | 374 | $15.3M | $40,799 | $1.3M | $145K | $82K |
| 2015 | 346 | $13.8M | $39,749 | $1.3M | $164K | $56K |
| 2014 | 310 | $13.9M | $44,842 | $1.1M | $195K | $103K |
| 2013 | 310 | $12.6M | $40,771 | $1.1M | $184K | $93K |
| 2012 | 319 | $10.6M | $33,354 | $1.1M | $284K | $81K |
| 2011 | 307 | $9.2M | $30,104 | $1.1M | $199K | $72K |
| 2010 | 274 | $8.2M | $30,102 | $961K | $219K | $70K |
| 2009 | 294 | $6.5M | $22,102 | $970K | $199K | $60K |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began.
Statement for the year
- Net assets, beginning of year$26,305,373
- Employer contributions$1,131,163
- Participant contributions$887,950
- Rollovers and other contributions$297,264
- Total contributions$2,316,377
- Total income, including investment results$5,492,028
- Benefits paid$2,282,467
- Administrative expenses$218,172
- Total expenses$2,502,139
- Net income$2,989,889
- Net transfers$0
- Net assets, end of year$29,295,262
Participants
- Active participants466
- Retired or separated, receiving benefits—
- Retired or separated, entitled to future benefits36
- Participants with account balances479
- Total participants, end of year507
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Principal Life Insurance Company | Contract Administrator; Investment management | $147,573 | $0 |
| Benesys Inc. | Plan Administrator; Contract Administrator | $25,802 | $0 |
| Schultheis & Panettieri LLP | Accounting (including auditing) | $20,000 | $0 |
| Fuiman Mogila LLP | Legal | $15,570 | $0 |
| Wells Fargo Clearing Services LLC | Other services | $0 | $9,655 |
| Reid and Reige PC | Investment advisory (participants) | $6,658 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Administrative expenses on Schedule H
- Investment advisory and management fees$147,573
- Contract administrator fees$26,440
- Legal fees$22,228
- IQPA audit fees$20,000
- Other administrative expenses$1,931
- Total administrative expenses$218,172
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Pooled separate accounts$20.0M · 67.6%
- Registered investment companies (mutual funds)$9.1M · 30.9%
- Cash (interest and non-interest bearing)$175K · 0.6%
- Insurance company general account$163K · 0.6%
- Receivables$124K · 0.4%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmSchultheis & Panettieri LLP
- Participant contributions reported as transmitted lateYes, $43,837
- Covered by a fidelity bondYes, $500,000
- Blackout period during the yearNo
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
2EProfit-sharing plan2JCode section 401(k) feature2GTotal participant-directed account plan
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 237990: Other Heavy & Civil Engineering Construction.
Similar plans in Massachusetts
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Stanley Street Treatment and Resources, Inc. 403(b) Plan | Stanley Street Treatment and Resources, Inc. | 509 | $9.7M | $19,053 |
| New England Utility Constructors, Inc. 401(k) Profit Sharing Plan | New England Utility Constructors, Inc. | 472 | $56.2M | $119,127 |
| John Moriarty & Associates, Inc. 401(k) Retirement Plan | John Moriarty & Associates, Inc. | 541 | $112M | $207,850 |
| Kelvin Group 401(k) Plan | Kelvin Group Co. | 435 | $27.1M | $62,410 |
| IBEW Local No. 223 Deferred Income Plan | IBEW Local No. 223 Union | 581 | $30.2M | $52,040 |
| Professional Electrical Contractors of CT, Inc. 401(k) Plan | Professional Electrical Contractors of CT, Inc. | 434 | $29.6M | $68,106 |
Defined contribution plans in construction closest in size.
Questions and answers
How big is International Union of Operating Engineers Local 877 Annuity Fund?
507 participants at the end of the plan year ending 31 Dec 2024, of whom 466 were active employees, with net assets of $29,295,262. Among defined contribution plans that places it in the 500 to 999 participants band, which held 10,588 plans in plan year 2024.
What does BD of Trustees I.U.O.E. Local 877 Annuity Fund contribute per participant?
The filing reports $1,131,163 in employer contributions for the year, which is $2,427 per active participant; the median for plans of the same type and size was $1,934 in plan year 2024. Form 5500 reports the total only. It does not state the match formula, and the per-participant figure is an average, not any one person's contribution.
What fees does the plan pay and how do they compare?
Schedule C reports $225,258 in compensation to service provider organisations, $444 per participant or 0.77% of net assets. The same-size median among plans reporting any Schedule C compensation was $113 per participant. Administrative expenses on Schedule H were $218,172. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is BD of Trustees I.U.O.E. Local 877 Annuity Fund. Recordkeeping or administration: Principal Life Insurance Company and Benesys Inc.. Investment advisory or management: Principal Life Insurance Company and Reid and Reige PC. The financial statements were audited by Schultheis & Panettieri LLP. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an unmodified (unqualified) opinion. Unmodified (formerly "unqualified") is the standard clean opinion.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 1 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 14 Oct 2025. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 04-3228497, plan 001, received 14 Oct 2025; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.